Coffee Elliott Wave technical analysis [Video]

Peter Mathers TradingLounge

Function: Counter-trend.

Mode: Corrective.

Structure: Triangle wave B (black).

Position: Black wave B of higher degree wave (Y).

Direction: Black wave C of higher degree red wave (Y).

Details: Wave B is now emerging into a triangle with the invalidation level at 184.8. A breakout above 194.5 will confirm the bullish run for the black wave C. However, if the triangle is invalidated, a new corrective structure will emerge. The red wave (X) becomes invalid below 175.4.

Author

Peter Mathers

TradingLounge

Peter Mathers started actively trading in 1982. He began his career at Hoei and Shoin, a Japanese futures trading company.

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